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Bankers Petroleum Ltd. enters into definitive agreement to be acquired by an affiliate of Geo-Jade Petroleum Corporation
Bankers Petroleum Ltd. enters into definitive agreement to be acquired by an affiliate of ...
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[{"type":"text","content":"\n\n\n\nBankers Petroleum Ltd. enters into definitive agreement to be acquired by an affiliate of Geo-Jade Petroleum Corporation\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\nBankers Petroleum Ltd. enters into definitive agreement to be acquired by an affiliate of Geo-Jade Petroleum Corporation\nCanada NewsWire\nCALGARY, March 20, 2016\n\n\n\nCALGARY, March 20, 2016 /CNW/ - Bankers Petroleum Ltd. (\"Bankers\") (TSX: BNK, AIM: BNK) is pleased to announce that it has entered into a definitive agreement (the \"Arrangement Agreement\") with 1958082 Alberta Ltd. (the \"Purchaser\") and Charter Power Investment Limited (\"Charter Power\") for the purchase of all the issued and outstanding common shares of Bankers (\"Bankers Shares\") at a cash price of C$2.20 per Bankers Share.  The Purchaser and Charter Power are affiliates of Geo-Jade Petroleum Corporation (\"Geo-Jade\"), one of the largest independent oil and gas exploration and production companies in China. The transaction will be effected by way of a plan of arrangement under the Business Corporations Act (Alberta) (the \"Arrangement\").  The Arrangement values Bankers at approximately C$575 million before the assumption of the outstanding indebtedness of Bankers.\n\nHighlights \n\n\nCash price of C$2.20 per Bankers Share \nThe Arrangement has received the unanimous approval of the Board of Directors of Bankers (the \"Bankers Board\") and carries the full support of Bankers' management team \nThe Purchaser brings a considerable new investment focus to the Bankers portfolio of assets \nBankers' corporate and technical headquarters will remain based in Calgary, Canada, with operational offices in Albania, Hungary and Romania \nThe transaction price represents a premium of 98% over Bankers' closing share price on the Toronto Stock Exchange (\"TSX\") of C$1.11 on March 18, 2016, and 109% over the 30-trading day volume weighted average trading price of Bankers Shares of C$1.05 per share ending on March 18, 2016. \n\nDavid French, President and Chief Executive Officer of Bankers com...